05|适应新常态融合促发展积极推进“互联网+”下的会计改革与发展|财政部党组成员、部长助理戴柏华

07|打造“互联网+”注册会计师版|中国注册会计师协会副会长、秘书长陈毓圭

08|关于在注册会计师行业开展“青年文明号创新创效创优活动”的通知

10|非公企业，党建也是生产力

11|中注协启动2015年会计师事务所执业质量检查工作

12|中国注册会计师行业积极推进国际化进程服务中国企业“走出去”

16|天职国际会计师事务所国际化建设开展情况

17|会计师事务所的国际化之路/杨剑涛

20|地方领导关心行业和协会建设

22|财政部关于印发《会计师事务所职业责任保险暂行办法》的通知

24|注册会计师考试制度介绍

29|二十年历程二十载硕果——CPA专业方向建设20周年成果回顾

39|内部控制审计与财务报表审计定价关系研究——基于国内主板市场的经验证据|钟建国王强余建耀

45|现金股利迎合与股权融资效率——基于半强制分红政策的实证检验|周平

52|CEO特征、研发投入与企业绩效的实证研究|张璇

59|综合报告的实践之路——收获与挑战|周蕊 吴杰

65|我国企业社会责任报告鉴证的最新进展研究——基于2010-2013年的数据/陈涛| 沈洪涛

71|重大资产重组行为特征与审计师变更——基于客户启动成本的视角|常京萍 芮雪琴郭淑娟

79|上市公司资本结构与经营绩效互动关系——基于资金密集型的零售业上市公司|张佑林

86|审计师声誉损失与审计保险价值|涂建明王昕祎李晓玉童佳

94|内部控制缺陷认定中的职业判断|唐建华王琰

97|控股权性质、操纵性会计-应税利润差异与审计定价|孙红金爱华陈婧婧

105|网络环境下：连续审计应用探析|施建强

111|国际财务报告准则最新发展评析|刘泉军

116|两项特殊业务在合并报表中的会计处理|徐筱婷

119|小型微利企业所得税最新优惠政策分析|上官鸣郭清韵秦丽丽

122|企业税收风险案例剖析|唐守信谭红旭

35|中注协工作

36|地方注协工作

封三| 简讯

124| 国内财经

126| 国际财经

Highlights in This Issue

Interactive relation between capital structure of listed companies and operating performance——a study based on capital intensive listed companies of retail industry

With the fading of financial crisis impact and adjustment of monetary policy in China, the capital structure of listed companies has also changed significantly. By sampling the capital intensive listed companies of retail industry in the country and taking the financial statistics of listed companies between 2007 and 2014 as primary data, this article presents an empirical study on the capital structure and overall performance of companies using panel data. The overall performance is measured from four dimensions including profitability, solvency, growth ability and operation ability. The study finds that capital structure of companies is negatively related to the overall performance, which indicates that in different developing stages, companies need to adjust capital structure accordingly. So, when pursuing performance, companies should keep a reasonable level of liability in line with their developing stages.

Reputation loss of auditors and the insurance  value provided by the audits

By selecting the financial fraud case of Wanfu Biotech and adopting the methodology of event study, this article calculates the cumulative abnormal returns of other clients of Zhonglei CPAs, who was the auditor of Wanfu Biotech, during the window period. The research aims to find out whether the reputation loss of auditors caused by audit failures will lead to the economic consequence of impairment of the  insurance value provided by the audits. It also seeks to reveal the negative impact brought by the reputation loss of auditors through collecting data on the loss of key staff and clients of the involved accounting firms. The result shows that the reputation loss of auditors will cause a big loss of key staff and clients as well as a significant decrease of insurance value. Besides, it can also reduce the information value of audit .

Traits of major asset restructuring and change of auditors——a perspective from startup cost of clients

By selecting a sample of A share listed companies and companies with major asset restructuring during 2007-2012, this article conducts a theoretical analysis from the perspective of startup cost of clients and presents an empirical research on the relationship between major asset restructuring along with its traits and the change of auditors. It finds that under the following circumstances, there is a higher probability of changing auditors: when a listed company is undergoing major asset restructuring, when the incoming asset belongs to a different industry from the restructured company, when there are both incoming assets and outgoing assets during the restructuring, when the target company to be restructured is state-owned, or when the actual controller of restructured company changes.